Step 1: Discuss your concerns with the broker
The first step in addressing any issues you have with your mortgage broker is to discuss your concerns with them directly. It’s possible that there’s been a miscommunication or misunderstanding that can be resolved through a simple conversation.
When speaking with your mortgage broker, be clear and specific about what’s bothering you. For example, you may be unhappy with the interest rate they’ve secured for you or feel that they’re not communicating with you as often as you would like. By being specific about your concerns, your broker can take steps to address them and improve their service.
Step 2: Lodge a formal complaint
If you’re still not happy with the service provided by your mortgage broker after discussing your concerns with them, you may need to lodge a formal complaint. Most reputable mortgage brokers will have a formal complaints process that you can follow.
When lodging a formal complaint, be sure to include as much detail as possible about what’s gone wrong and what you would like to see happen to resolve the issue. Your mortgage broker should acknowledge your complaint and work with you to address your concerns.
Step 3: Escalate the complaint
If your complaint is not resolved to your satisfaction, you may need to escalate the matter to a higher authority. This could involve contacting the broker’s professional association or regulatory body.
If your broker is a member of a professional association, they will be bound by a code of conduct and ethics that they must adhere to. You can contact the professional association to make a complaint about your broker’s conduct and request that they investigate the matter.
Similarly, if your broker is regulated by a government body, such as the Australian Securities and Investments Commission (ASIC), you can make a complaint to the regulator. ASIC has the power to investigate complaints about mortgage brokers and take disciplinary action if necessary.
Step 4: Seek legal advice
If you’re still not satisfied with the outcome of your complaint, you may need to seek legal advice. A lawyer can help you understand your rights and whether you have grounds for a legal claim against your mortgage broker.
Keep in mind that legal action should be considered a last resort, as it can be costly and time-consuming. It’s always best to try and resolve issues through direct communication or the formal complaints process first.